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Continental: Supervisory Board Supports Technological Transition - Quick Facts

Continental AG (CTTAY.PK) said its Supervisory Board has approved the structural adjustments at the locations in Roding and Limbach-Oberfrohna (Germany), Newport News (U.S.A.) and Pisa (Italy). The Supervisory Board also approved the structural adjustment at the Babenhausen location in Germany. Certain research and development activities in Babenhausen will be transferred to other locations by the end of 2021.

Continental AG said, with these approvals, the company will push ahead with the announced Transformation 2019-2029 program as planned.

Also, the company's management informed the Supervisory Board that discussions will be held with the local works council in Rubí (Spain) about the future prospects of the location.

Continental's CEO Elmar Degenhart said: "With its resolutions today, the Supervisory Board is supporting our urgently needed technological transition. We are focusing on profitable growth areas. These include assisted, automated and connected driving; services for mobility customers; and the tire, industrial and end-customer businesses."

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